The view of the Chinese domestic market on the trend of the RMB exchange rate is biased toward optimism. The recent stronger RMB exacerbates this optimistic view. However, in our opinion, RMB exchange rate should not be evaluated based on the theoretical analysis of the model or even purely financial analysis under the current situation. Rather, one should fully consider the comprehensive analysis of the international economic, financial markets, geopolitics and the reform of major countries. From the medium to long term perspective, there is still pressure of RMB devaluation.